Boeing chief financial officer Brian West will step down on 15 August and be succeeded in the role by Jay Malave, a longtime United Technologies executive who most recently was Lockheed Martin’s CFO.
Boeing revealed the executive shift on 30 June, saying that following the change West will remain senior advisor to Boeing chief executive Kelly Ortberg.
“With Boeing making progress in our recovery, Brian and I believe this is the right time to hand the reins to a new leader as we embark on the next chapter of our company’s growth and development,” Boeing chief executive Kelly Ortberg says in a 30 June message to employees. “Brian will continue as a senior advisor to me and oversee a smooth transition to Jay once he joins the company.”
Boeing does not provide more detail about why West, who had been CFO since August 2021, is departing. West was in his position at Boeing when Ortberg, also a former United Technologies executive, became CEO last August.
“I want to personally thank Brian for his outstanding work navigating our recovery and positioning the company for the future,” says Ortberg. “These past few years have been some of the most consequential in Boeing’s history, and Brian successfully guided us through last year’s historic capital raise and ensured our team always had the resources to continue the critical work to strengthen safety and quality across our operations.”
The shift comes at a critical time for Boeing, which is working to keep on track a turnaround that has gained momentum under Ortberg.
Also on 30 June, Fitch Ratings upgraded Boeing’s outlook from “negative” to “stable”, citing Boeing’s stronger financial position among its reasons.
“Jay will become CFO at an important time in helping build Boeing’s next chapter as we continue to make progress on our recovery and implement fundamental changes rooted in safety and quality,” says Ortberg. “He is a well-respected financial and business leader, and brings decades of experience developing people and teams across complex aerospace and manufacturing businesses.”
Malave had been CFO of Lockheed Martin for three years until 17 April, when that company said Malave had departed to pursue other opportunities. Prior to working at Lockheed Martin, Malave was CFO of aerospace firm L3Harris, between 2019 and 2022.
Before that, he worked 20 years at United Technologies, including as CFO and later as CFO of United Technologies subsidiary Carrier. Malave also worked nearly 12 years at Pratt & Whitney, when that company was another United Technologies division.
Ortberg spent much of his career at Rockwell Collins, including as CEO. When United Technologies acquired in Rockwell in 2018, Ortberg became CEO of United’s Collins Aerospace business.
“Jay is very well respected with decades of experience in aerospace and manufacturing. He is a proven financial leader focused on developing people and teams to build a strong culture,” Ortberg says.
